Leonard Insurance Services, acquired by AssuredPartners, Inc., has announced that their underwriter, Chubb, will no longer carry either General Liability or Errors and Omissions for anyone in the Mortgage Field Services Industry. Sources speaking on condition of anonymity cited enormous losses with respect to the Industry. While not surprising to anyone whom is familiar with how National Association of Mortgage Field Services (NAFS) members utilize spurious insurance claims to bolster their bottom line, the refusal of Chubb to continue underwriting the Industry in light of the enormity of their fund.
Chubb has found the exposure to liability equally as unacceptable as Foreclosurepedia. And we predict that soon, if NAMFS members are continued to allow to file spurious claims, there will be no insurance available to the misclassified employees whom are not even capable of paying the useless insurance available to them now.